National
Economy Watch: ADP Job Growth Mediocre; Beige Book Talks of Winter’s Impact
Automated Data Processing said that the U.S. private sector created 139,000 jobs in February, the third weak total in three months. Also, according to the Beige Book, most of the 12 Federal Reserve districts reported ‘modest to moderate’ expansion.
TODAY’S DEALS: Suburban Connecticut Apartment Asset Trades for $58.5M
IPA brokers a sale in Hamden, Conn.; a 130-unit asset in the Far Rockaway neighborhood of Queens trades hands; and Hybrid Capital arranges $6 million in financing for two Upper East Side residential buildings.
TODAY’S DEALS: Greystone Grabs N.C. Apartment Asset
Greystone acquires a community in Cary, N.C.; Transwestern brokers the sale of 1,652 units in Washington, D.C. and the city’s Maryland suburbs; and Largo Group of Cos. arranges a $7.7 million loan.
Long Island City Condos Sell Out in Less Than Year
The Bindery, a condo development by NY Lions Group and Craig Axelrod at 47-34 11th St. in the Long Island City submarket of Queens, has completely sold out.
Novare, Batson-Cook and Grubb Proceed on Charlotte’s SkyHouse Uptown
A partnership is moving forward with a 24-story luxury tower in Charlotte’s Fourth Ward neighborhood. The asset is the 11th developed under the SkyHouse brand.
TODAY’S DEALS: Grubb Properties Sells a Charlotte Mid-Rise
A Charlotte mid-rise trades for $31.2 million; Oak Grove Capital closes $17.9 million for three affordable acquisitions/rehabs; and BMC capital provides a $930,000 five-year bank loan.
Crowdfunding for LA Apartments Completed
Realty Mogul completes crowdfunding for the acquisition of a group of multifamily properties in Los Angeles. The buildings total 141 apartment units in the Baldwin Hills neighborhood.
Economy Watch: Personal Income Expands and Construction Spending Rises
Personal income increased 0.3 percent in January compared with December. Construction spending edged up by 0.1 percent in January as well. Wall Street took a dive on Monday, with investors apparently nervous about the situation in Crimea.
Developer Confidence Slides in Fourth Quarter 2013
The National Association of Home Builders found that developer confidence slipped in the fourth quarter of 2013, citing a four-point drop to 50 in its Multifamily Production Index (MPI).
TODAY’S DEALS: Home Properties Completes Major D.C. Disposition
Home Properties sells a 864-unit asset outside of D.C.; and Dougherty Mortgage closes a 35-year refinance loan for a Minnesota Section 8 property.